Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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Turk - Gold & Stocks Smashed, Expect Massive Spike In Fear

Turk - Gold & Stocks Smashed, Expect Massive Spike In Fear | Gold and What Moves it. | Scoop.it

James Turk tells King World News:

 

"... The Fear Index right now is at roughly 3%. Back at the end of the 1970s, during the Carter Presidency when we had all of the severe inflation, it (the Fear Index) was at 10%. Back at the height of the Great Depression in the 1930s, it (the Fear Index) was at 30%.

 

"So if we matched what happened in the Great Depression, it (fear) would become ten times worse than it is today. But even if we just matched the level of fear that prevailed back in the late 1970s, it (fear) would be three times worse than it is today.

 

"So while the Lehman Brothers (event) was bad, it was just a warmup for a much worse financial catastrophe coming down the road. We still have a long way to go. We’re just getting started in terms of a fear event. ..."

 

click over for the full piece.

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oftwominds-Charles Hugh Smith: The Housing Recovery: Based on What?

oftwominds-Charles Hugh Smith: The Housing Recovery: Based on What? | Gold and What Moves it. | Scoop.it

Charles Hugh Smith has a great piece today. Here's a snippet:

 

"... We understand the industry's extreme self-interest in attempting to re-inflate housing, but let's begin with the obvious question: what's the housing recovery based on? The standard answer is of course "super-low mortgage rates, courtesy of the Federal Reserve."

 

"But people need a sufficient income to qualify to own a house, regardless of rates, so let's look at income by age, and focus on the key homebuying ages of 25 to 44. The only age group whose incomes continued rising during the past five years is the over 65 cohort--the very group who is "downsizing" or selling their homes to live in assisted living. The key homebuying cohorts have seen their incomes plummet since the housing bubble popped. ..."

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Eric De Groot: Prepare For Market Seizures

from Eric De Groot:

 

"Liquidity or velocity always contracts during panics. They're particularly acute when debt burdens and complacency are high.

 

"Headline: Prepare for Lehmans re-run, Bank official warns Banks and traders must prepare for a devastating market seizure as governments grapple with the escalating economic crisis in Europe, a Bank of England policymaker has warned. ..."

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Can the Fed Remain Relevant? | Michael Ashton | Safehaven.com

Can the Fed Remain Relevant? | Michael Ashton | Safehaven.com | Gold and What Moves it. | Scoop.it

by Michael Ashton:

 

"Greece is skittering awkwardly towards temporary resolution of their crisis. Venizelos, the leader of the party Pasok (which placed third in the Greek elections) said today that the coalition may be ready tomorrow. Considering that this vote was supposedly a "referendum" on remaining in the Euro, it is surprising how long it is taking to negotiate a bare majority in the parliament. But they will, because there's no cost right now to pretending to be unified while negotiating improved bailout terms with European authorities. If better bailout terms are not offered, there is plenty of time later to splinter the coalition, or to appear to splinter the coalition, to put pressure on the negotiators from Europe.


"It bears remembering that there is nothing that can be done to save Greece and to keep her in the Eurozone absent transferring big losses onto the rest of Europe. Since most holders of Greek bonds due to mature in the next few years are official institutions - such as the ECB - it isn't clear how the debt structure can be re-negotiated without opening a big can of worms. So will the European powers (aka "the Man") significantly lessen the austerity measures? Will the Greek politicians who just won an election settle for anything less than significantly lessening the measures? I don't see where these circles of interest intersect. I am sure there will be a big announcement at some point; I'm just not sure what difference it will make.


"In the meantime, Greece is supposed to play Germany in the UEFA quarterfinals this Friday. Remember, wars have been fought over footy. I'm mostly kidding, but do you think Greece really wants to win this game or not? ..."

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Gold Becomes a Tier 1 Asset Class for Banks | Vin Maru | Safehaven.com

Gold Becomes a Tier 1 Asset Class for Banks | Vin Maru | Safehaven.com | Gold and What Moves it. | Scoop.it

by Vin Maru:

 

"Despite what the Main Stream Media (MSM) or "Financial Pundits" tell you, the gold bull market is far from over. In fact, it is just starting, in our opinion. While the misdirected financial world tell you that gold is in a bubble and it has burst, the central bankers and government organizations all know it is far from over. In fact, gold is moving towards the banking system and not away from it. We all know that many central banks are now net buyers of gold and their holdings are increasing as their need to diversify away from risky assets and foreign bonds only grows.


"Central banks around the world are continuing to stock up on gold. We can now add Kazakhstan's central bank to the grow list of bankers wanting to hold gold as a part of their currency reserve. The Kazakh central bank intends to have 20% of reserves in gold, this is up from the current 14-15% currently held. They plan to purchase 20 tonnes of gold this year, mostly from local producers. They also mentioned a few weeks ago that they would cut their Euro holding to 25 % from 30%. We can also add Kazakhstan to the growing number of central bankers which are building up gold holdings including China, Russia, Mexico, Colombia and South Korea. ..."

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Twitter / JamesGRickards: #Iceland beat the US to de

#Iceland beat the US to democracy by 800 years. Now they're ahead in arresting bankers also http://t.co/eEA65vzb
Jun 20 via web Favorite Retweet Reply

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The Golden Truth: Democracy And Rule Of Law Are Dead

The Golden Truth: Democracy And Rule Of Law Are Dead | Gold and What Moves it. | Scoop.it

By Dave in Denver:

 

"... It's bad enough that Obama and Eric Holder have enabled the persistence and rapid growth of financial industry fraud and theft by refusing to apply the law to the Too Big To Fail banks. And now Obama is going to let Eric Holder walk away from the Fast and Furious scandal. Democracy is dead and we only have ourselves to blame. Anyone who can possibly defend a vote for Obama is completely brain dead. If you have to vote to feel like an American, you don't have to vote for Romney, write in Ron Paul."

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Fed Twists Again, Extending Stimulus To Aid Weak US Economy

Fed Twists Again, Extending Stimulus To Aid Weak US Economy | Gold and What Moves it. | Scoop.it
The Federal Reserve on Wednesday extended its monetary stimulus to a U.S. economic recovery that looks at risk of stalling, renewing its effort to depress borrowing costs by selling short-term bonds to buy longer-dated ones.

 

"... The Fed has held overnight interest rates near zero since December 2008 and has bought $2.3 trillion in mortgage and government bonds in a further effort to help the economy.

 

"Last year, it launched "Operation Twist," in which the central bank sold bonds with maturities of three years or less and bought $400 billion of securities with maturities of six years and longer to push longer-term interest rates lower.

 

"Fed Vice Chair Janet Yellen earlier this month had argued further action might make sense to "insure" against downside risks given a sharp slowdown in hiring by U.S. employers and an escalating debt crisis in Europe. ..."

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SocGen: Gold Could Surge Over 500% - Business Insider

SocGen: Gold Could Surge Over 500% - Business Insider | Gold and What Moves it. | Scoop.it
Societe Generale is "enthusiastic on gold" -- so much so that in their latest cross-asset strategy report, they call "buy gold ahead of QE3" their number one strategy, saying it's "the perfect asset to benefit" from additional loose ...
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India's Finance Minister Wants The World's Largest Gold Investors To Invest In Anything But Gold

India's Finance Minister Wants The World's Largest Gold Investors To Invest In Anything But Gold | Gold and What Moves it. | Scoop.it

"... Speaking at an awards ceremony, Mukherjee said (via iBNLive) that he regretted all of the inflows into gold.

 

"He said that there is a need to promote financial literacy in the country and to push people to invest in market instruments – stocks, bonds, Forex etc. ..."

 

Read more: http://www.businessinsider.com/india-finance-minister-investing-gold-2012-6#ixzz1yMFFyKXc 


[translation: we can't control people like we'd like if they are putting their money in gold.]

 

 

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In Gold Market, China Sparkles as India Fades

In Gold Market, China Sparkles as India Fades | Gold and What Moves it. | Scoop.it

by Daniel Inman on WSJ:

 

"Chinese demand for gold isn’t letting up following a strong first quarter that saw demand reach record levels from Asia’s biggest economy, offsetting weakening appetite in India.

 

“It does seem that China is picking up the slack in the system from a weaker India,” said Ross Norman, chief executive of London-based bullion broker Sharps Pixley.

 

"Chinese imports of the yellow metal from Hong Kong were 65% higher in April than the month before, the third monthly increase in a row according to data compiled by Commerzbank, citing the Census and Statistics Department of Hong Kong.

 

"A research note by the German bank says the Hong Kong statistics are important because they offer a clue into China buying since the country doesn’t release overall gold import figures. By the end of April, China had this year already imported more than half of last year’s total gold import volume, says Commerzbank. ..."

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Gold down as market waits for FOMC policy gesture

Gold down as market waits for FOMC policy gesture | Gold and What Moves it. | Scoop.it

by Ben Traynor:

 

"... As well as announcing its latest decisions on interest rate and asset purchases, the Fed will also publish policymakers' economic projections, while Fed chairman Ben Bernanke will give a press conference.

 

"We think Bernanke will talk up the Fed's readiness to act if required and there is a chance of a policy gesture - an extension to Operation Twist perhaps," reckons Nick Trevethan, Singapore-based senior metals strategist at Australian bank ANZ, referring to the Fed's program aimed at lowering longer-term interest rates.

 

"But anybody looking for some sort of grand [quantitative easing] scheme risks disappointment," says Trevethan, adding that gold prices could fall as low as $1530 an ounce "if investors are really disappointed".


"Extending Operation Twist is the path of least resistance," agrees Josh Feinman, global chief economist at Deutsche Bank's asset management arm DB Advisors in New York. ..."

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BRICS pour cash into the IMF in exchange for a bigger say — RT

BRICS pour cash into the IMF in exchange for a bigger say — RT | Gold and What Moves it. | Scoop.it

"The BRICS countries have pledged to provide about $70 billion to the International Monetary Fund's global firewall against Europe’s debt crisis, adding to the IMF’s lending fund of $380 billion, as they met at the G20 summit in Mexico.

 

"The IMF said, China has offered $43 billion, while Brazil, Russia, India and Mexico promised $10 billion each. Meanwhile South Africa, Turkey, Colombia, Malaysia, New Zealand and the Philippines also promised smaller sums.

 

"China’s contribution was one of the largest ever offered falling below only Japan's $60 billion and German's $54.7 billion. Meanwhile the world largest economy the US hasn’t contributed anything.

 

"With the contribution BRICS nations renewed calls for greater voting power at the IMF and World Bank, adding that the money should only be used as a “second line of defense” when existing funds run out. Brazil even threatened to withhold its help, if Europe won’t provide BRICS with a bigger say at the IMF. ..."

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$9 Billion in ‘Stimulus’ for Solar, Wind Projects Made 910 Final Jobs -- $9.8 Million Per Job | CNSNews.com

$9 Billion in ‘Stimulus’ for Solar, Wind Projects Made 910 Final Jobs -- $9.8 Million Per Job | CNSNews.com | Gold and What Moves it. | Scoop.it

by Michael W. Chapman and Fred Lucas:

 

"The Obama administration distributed $9 billion in economic “stimulus” funds to solar and wind projects in 2009-11 that created, as the end result, 910 “direct” jobs -- annual operation and maintenance positions -- meaning that it cost about $9.8 million to establish each of those long-term jobs.

 

"At the same time, those green energy projects also created, in the end, about 4,600 “indirect” jobs – positions indirectly supported by the annual operation and maintenance jobs -- which means they cost about $1.9 million each ($9 billion divided by 4,600).

 

"Combined (910 + 4,600 = 5,510), the direct and indirect jobs cost, on average, about $1.63 million each to produce. ..."

 

[Who knew green was so dang expensive as a business and so dang benificial for those job holders? hehe]

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China and Japan secure Iran oil supply, bypassing EU sanctions — RT

China and Japan secure Iran oil supply, bypassing EU sanctions — RT | Gold and What Moves it. | Scoop.it

"Japan is one of the major buyers of Iranian crude oil, and says it is going to provide insurance coverage for Iranian tankers, while China is offering to use its own vessels for delivery in bid to circumvent EU crude sanctions.

 

"The Japanese parliament has approved government insurance cover of up to $7.6 billion for each tanker which carries Iranian crude to the country. Meanwhile China offered Iran use of its tankers for delivery in order to secure at least a part of its oil supply.

 

"Japan and China have announced loading of about 620,000 barrels per day (bpd) of Iranian oil next month, according to Reuters.

 

"The EU sanctions not only ban member countries importing Iranian oil comes, but also includes a ban on EU insurance firms from covering Iran's exports. It comes into force on July 1. The measure affects Japan, South Korea, China and India, which used to buy around two-thirds of Iranian crude exports, or roughly 1.45 million bpd per year, as they rely on EU companies to insure them. ..."

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Presenting The Fundamental Flaw In The Fed's Thinking | ZeroHedge

Presenting The Fundamental Flaw In The Fed's Thinking | ZeroHedge | Gold and What Moves it. | Scoop.it
This one simple chart below shows what is the biggest and most fundamental flaw in Bernanke's approach to spurring the economy, which to him, of course, means rising prices of risky assets, aka the stock market.
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25 craziest things the U.S. government spends money on

Government Waste The Economic Collapse Blog You are not going to believe some of the things that the U.S. government is spending money on. According to a sho...
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Monty Pelerin's World » My Rationale For Owning Gold

Monty Pelerin's World » My Rationale For Owning Gold | Gold and What Moves it. | Scoop.it

"Regular readers know that I favor holding gold when inflation is a perceived threat. Gold is less an investment than a store of value, a means of retaining purchasing power. Gold is not an investment with which to make money. It is a means of protecting money you already have.

 

"There is no certainty regarding an outbreak of inflation of hyperinflation. These are not economic events even though many consider them such. They are outcomes initiated by political action(s). Inflation and hyperinflation are everywhere and always political events. ..."

 

Source: http://www.economicnoise.com (http://s.tt/1ffuq)

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Twitter / lmgross: #Gold More than 50% Below

#Gold More than 50% Below Real Record High of 32 Years Ago - http://t.co/dNvDyglz
Jun 20 via HootSuite Favorite Retweet Reply

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Greece Remains In Economic Death Spiral Despite New Government

Greece Remains In Economic Death Spiral Despite New Government | Gold and What Moves it. | Scoop.it

by Benjamin Reeves:

 

"The formation of a new Greek government Wednesday staves off fears of a swift departure from the euro zone by the Hellenic Republic. But this week's election and installation of a new pro-austerity administration merely extends the country's economic death spiral as its economic woes remain deep and pervasive. ...

 

"... What the election did was reduce the possibility of a near-term big negative. If Syriza had won, Greece's and the Troika's negotiations could have become quite complicated ... it would have been a bit mess," Bryson said, adding that a victory by the left-leaning Syriza party would have made the departure of Greece from the euro zone more likely. ..."

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Silver nanostructures exhibit resonance feature that is useful for ... - Phys.Org

Silver nanostructures exhibit resonance feature that is useful for ... - Phys.Org | Gold and What Moves it. | Scoop.it
Nanowerk LLCSilver nanostructures exhibit resonance feature that is useful for ...Phys.OrgCertain metallic nanostructures are known to exhibit a distinctly asymmetric spectral feature.
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Fed Releases New Economic Forecast, Sees Deteriorating Economy, Up To 8.2% Unemployment At Year End | ZeroHedge

Fed Releases New Economic Forecast, Sees Deteriorating Economy, Up To 8.2% Unemployment At Year End | ZeroHedge | Gold and What Moves it. | Scoop.it
In April, the Fed saw 2012 GDP between 2.4-2.9% and unemployment of 7.8%-8/0%.
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One Hour Later: Stop Hunt Over - Reality Reasserts | ZeroHedge

One Hour Later: Stop Hunt Over - Reality Reasserts | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"Whipsaws everywhere. Gold and Silver soared back up to unchanged on the day and S&P 500 e-mini futures roared over 15pts higher off spike lows to take out the stops at the high of the day-session. EURUSD also dipped and ripped swiping aside everyone's stops (long and short). 60 minutes after the announcement of disappointment but hope to come, it appears the over-reaction to the knee-jerk reaction is being faded now as Stocks, Gold, Treasury Yields, and EURUSD are all falling now. The realization that Merkel's comments were simply fact and nothing new and the stop-hunt is complete provides some food for thought for all those buying this dip ahead of Bernanke's press conference. Beware now.

 

"Gold and Silver wild ride..."

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Fed Extends 'Operation Twist,' Citing Concerns on Economy

Fed Extends 'Operation Twist,' Citing Concerns on Economy | Gold and What Moves it. | Scoop.it

by CNBC:

 

"The Federal Reserve, worried about the US economic recovery and Europe's continued debt crisis, decided Wednesday to extend the stimulus program known as "Operation Twist" through the end of this year.

 

"Stocks initially fell on disappointment that the Fed offered no additional easing, but the market soon rebounded on hints the central bank is still weighing such a move.

 

"In a significant change in the post-meeting statement, the Fed said it is "prepared to take further action," a stronger sign that there may be a third round of quantitative easing, or QE3. ..."

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This Is The Big Picture For Markets After The Fed Meeting

This Is The Big Picture For Markets After The Fed Meeting | Gold and What Moves it. | Scoop.it

Caesar Bryan tells King World News:

 

"... Here in the United States we are experiencing a slowdown, and clearly the other economic powerhouse, China, is also experiencing a weakening of their economy. So we are obviously in a struggling global economy.

 

"When you couple that with the very high debt levels in the developed nations across the globe, there is pressure on central banks to dig into their toolbox and make something happen. The Federal Reserve probably won’t do anything dramatic today, even though the expectation is in place that they will try to stimulate the sagging economy.

 

"Regardless, looking past the Fed meeting, the Fed is focused on trying to lift asset prices in an attempt to encourage economic activity. Right now the Fed isn’t thinking about what’s going on in five years time, they are thinking about the next few months. ..."

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